Friday, May 4, 2018

LIMITED RANGES

Yesterday was a strange old day. USDJPY found its high for a modest decline. It still needs a follow through lower for a reversal. EURUSD clearly imbibed far too much alcohol that sent it into a tizzy within a weird and wonderful triangle. What we should see now is a follow-through to a low and reversal. USDCHF decided that it wanted to see if it could copy EURUSD and managed it pretty darn well. Well, having seen the other three majors, GBPUSD decided to see whether it could develop the weirdest triangle – and managed it - twice! First it completed the major Wave iv as a warped triangle and then in the Wave -b- of Wave -v- but still in a weird and wonderful development. Happy days, eh? Then it went on to complete the Wave v.

Surreptitiously, EURJPY then decided to complete the decline from 133.48 high. No doubt, with the limited ranges that should occur today, we’re more likely to see a limited range day once more.

Meanwhile, AUDUSD completed an expanded flat early in the day, we then saw it form the Wave -a- and then a modestly deep Wave -b- for gains. While I can’t confirm it, there may even be the risk of a flat or expanded flat in the Wave -b-. A break above 0.7560 will suggest gains…

Have a great weekend
Ian Copsey  







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